Scenario #3: steady futures prices

Date	Cash	Futures	Basis
April	You have a chance to lock in a profitable price for soybeans at harvest.	Sell 5 contracts of November soybean futures to lock in a profitable selling price at harvest. Futures price: $11.10	Expected harvest basis is $0.65X, or 65 cents under the November contract. Expected harvest price is $10.45/bu.
October (harvest)	Sell 25,000 bushels of soybeans to the local elevator	Lift the hedge buy back November soybean future	The basis at harvest is 58 cents under the November contract.
Results			What final price did you receive for your soybeans? $/bu. _____________ $total _____________